Capital One To Offer Co-Branded Costco Credit Card
That didn’t take long. Just hours after Costco officially announced that its partnership with American Express will come to an end this year, Capital One and MasterCard have stepped in to fill the void.
Capital One, Costco Strike a Deal
Capital One will be offering a new co-branded credit card exclusively for Costco members in Canada. The Capital One Platinum MasterCard will serve as both a credit card and your Costco membership card. Details about the new card will be available to Costco members in the coming weeks.
“We have always believed that success comes from working with outstanding companies that share our motivation to deliver great value, loyalty and an exceptional customer experience,” said Shane Holdaway, President of Capital One Canada.
Related: TrueEarnings card discontinued as Costco, Amex end partnership
MasterCard to be accepted at Costco
In addition, MasterCard Canada has also entered into an agreement with Costco Wholesale Canada to open credit card acceptance to MasterCard cardholders.
This means Costco members will soon have the ability to use any MasterCard credit card at checkout – at gas pumps and in-store across its 88 warehouses in Canada.
“MasterCard’s credit card acceptance footprint is unmatched in Canada and this new relationship means Costco members will soon be able to use any MasterCard in their wallet at the checkout counter.
This is a huge opportunity for MasterCard and Costco to increase membership, offer more value, better benefits and increased savings for cardholders and Costco members,” said Betty K. DeVita, President, MasterCard Canada.
Interesting. I’m wondering whether or not AMEX ExpressPay (tap-and-go) was available on the old card, and whether MasterCard PayPass will now offer superior technology at checkout. Will have to study the rewards and costs more thoroughly before deciding whether or not consumers are better off.
Paypass has limits at most merchants. If the amount is over 50 dollars, Paypass doesn’t work.